| Global markets have cooled slightly today on the back of relatively small export sales, and slightly cooler and less bullish forecasts. US Weekly Export Sales Corn: Weekly net US corn sales recorded reductions of 88.5kt for 2020/2021, down noticeably from the previous week and from the prior 4-week average – primarily due to China reducing commitments by 160kt. For 2021/2022, net sales of 47.7Kt were disappointing, while old crop exports of 1Mt were down 6% from the previous week and 22% from the prior 4-week average. Wheat: Net US wheat sales of 473.2Kt for 2021/2022 were up 11% from the previous week and 44% from the prior 4-week average. Exports of 471,000 MT were up 29% from the previous week and 28% from the prior 4-week average. Compared to corn, and wheat export sales have been above expectation. Soybeans: Net sales of 62kt for 2020/2021 were up noticeably from the previous week, but exports of 164kt were down 17% from the previous week and 19% from the prior 4-week average. Looking to next season and net sales of just 176.3kt were reported, disappointing markets. What does this mean? Disappointing export sales for corn and soybeans, alongside a slightly less dry forecast for the US has led to a degree of pressure on global grain and oilseed markets today. |
